Chinese TSMC competitor HSMC shut, ex-CEO says it ran out of money

Aaaaand Wuhan Hongxin Semiconductor Manufacturing Company (HSMC) is done -- they've folded under strain, with the company now insolvent.

Ex-CEO and head of R&D of HSMC, Chiang Shang-yi, told EE Times over a LinkedIn message: "Investors ran short of cash. I got caught by surprise. It's over now, and I'm back home in California". Back in August 2020 you could see the wheels buckling under considerable pressure, where I explained that HSMC was a mess.

But the $20 billion plant just couldn't muster the ability to fire up and begin to take a whimper of a swing at TSMC, with HSMC now under the control of the state assets supervision and administration commission for the Dongxihu district government in Wuhan.